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The Building and Construction Industry Security of Payment Amendment Bill 2018 (the Bill) has passed Parliament.
The Bill seeks to strengthen the security of payment framework while improving the operation of the Act and facilitating greater confidence within the industry of the Act’s ability to facilitate cash flow along the construction chain.
Key reforms include:
- providing a statutory minimum entitlement to make a payment claim at least once per month, for work done within that month,
- re-inserting the requirement for the endorsement of payment claims,
- allowing claimants to make a final payment claim where a contract has been terminated,
- shortening payment due dates,
- enabling subcontractors to be able to inspect the retention money trust account records,
- enabling the Minister to make a code of practice for Authorised Nominating Authorities, and
- new investigative and enforcement powers to investigate, monitor and enforce compliance with the Act.
We will now start work on developing the Regulations. More information on the reform timeline will be provided on this page.
If you can't use our online form, you can email your submission to ORG.Admin@finance.nsw.gov.au. We will publish your submission if not told otherwise.
If you can't provide your submission electronically, you can send your submission by mail to:
Office of the registrar General
2-24 Rawson Place
Sydney NSW 2001